Business
Share market gains as a result of fuel price reduction
By Hiran H.Senewiratne
The stock market gained sharply yesterday in the aftermath of the peaceful revolt by the people against the incumbent regime and also on account of the recent fuel price reduction which resulted from the global oil price coming down, stock market analysts said.
The fuel price was the main contributory factor to the country’s inflationary pressure and some positive behaviour was observed in the market after the announcement of the Rs 20 reduction by the Ceylon Petroleum Corporation (CPC) and Lanka IOC, market analysts said.
It is said that owing to the global recession world oil prices are also coming down, which would positively impact the Sri Lanka economy. Further, certain media reports revealed a probable foreign exchange inflow to Sri Lanka. These positive statements sent the market to positive territory, which resulted in more investor participation in the market, stock brokers said.
The stock market witnessed share gains in mid-morning trade with the liquid index moving up over 1 per cent and ending on a positive note. The active S&PSL20 Index gained by over 5 per cent and the benchmark ASPI by over 3 per cent. The All- Share Price Index went up by 68.8 points and S and P SL20 rose by 18.6 points. Turnover stood at Rs 1.4 billion with a single crossing from JKH, which crossed 900,000 shares to the tune of Rs 109.8 million; its shares traded at Rs 122.
In the retail market top seven companies that mainly contributed to the turnover were; Hayleys Rs 367 million (5.1 million shares traded), Browns Investments Rs 171 million (21.5 million shares traded), Lanka IOC Rs 164.8 million (two million shares traded), Expolanka Holdings Rs 137 million (764,000 shares traded), Kelani Valley Plantations Rs 42.4 million (505,000 shares traded), LOLC Finance Rs 31.5 million (4.1 million shares traded) and Agalawatta Plantation Rs 27.4 million ( 831,000 shares traded). During the day 64.9 million share volume changed hands in 14000 transactions.
Meanwhile, the company with the biggest market capitalization at the CSE reported a major transaction recently. Expolanka Holdings, one of the subsidiaries Expolanka Freight (Pvt) Ltd., divested two companies belonging to them; namely, Pulsar Shipping (Pvt) Ltd., and Pulsar Marine Services (Pvt) Ltd., to PB Logistics (Pvt) Ltd. The total consideration of the two transactions was Rs 1.34 billion.
Expolanka Holdings divested the two companies as a strategic move and their market capitalization in the CSE was 10.8 per cent or Rs 349 billion.
Yesterday the Central Bank US dollar buying rate was Rs 357.60 and the selling rate Rs 368.34. Inflation is at 45.30 per cent at the moment but this rate would likely decline if the global oil prices come down drastically with the ongoing global recession. At present, the crude oil price is US $ 100 and is expected to come down to US $ 60 or little more than that and would benefit the balance of payments issue to a greater extent, some economists said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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